In the second half of 2021, Ethereum underwent a high-profile London upgrade, which included the EIP-1559 improvement proposal. The upgrade aims to optimize Ethereum’s transaction fees and market mechanisms.
The implementation of EIP-1559 will double the gas limit per block, but actual gas usage will be dynamically adjusted based on network demand to keep block utilization approximately 50%.
On the 10th, Ethereum co-founder Vitalik Buterin (V God) advocated in a Reddit AMA event that it is a reasonable choice to moderately increase the Gas limit to enhance network throughput.
The Gas limit in Ethereum is the maximum amount of Gas that can be used per block. It ensures that the block size is appropriate and avoids impact on network performance and synchronization.
According to Buterin’s point of view, since the implementation of EIP-1559, Ethereum’s Gas limit has not increased in nearly three years. This It is the longest record in the history of the agreement. Although EIP-1559 doubled the gas limit, the actual average gas usage only increased by about 9%.
Buterin suggested that the benefits of technological progress brought by Moore's Law should be equally distributed, with half used to increase network capacity and the other half used to improve the convenience of synchronization and verification. He believes it is reasonable to increase the gas limit to about 40 million.
According to Etherscan, the current Gas limit is 30 million, which means the proposed adjustment would increase the limit by 33%.
Ethereum average gas limit
The chart above shows that since the launch of Ethereum in 2015, the average gas limit of a block has increased from approximately 3 million initially. Gas started and gradually increased with the use and popularity of the network.
In addition, in terms of the transaction cost (Gas price) of Ethereum, according to Etherscan data, the current average Gas price is about 23Gwei (Gwei is the price of Ethereum) parts per billion), worth about $1.25.
Due to the inscription craze, Ethereum Gas fees soared to a 2023 high of 155Gwei in May last year, and in November last year, with another round of inscription hype, the Gas fee rose, even spreading to Ethereum Goerli On the test network, the average gas fee of the test network was once as high as 12,323 Gwei. On average, each transaction required a gas fee of up to 0.156 ETH to be completed. Even the test currency gETH surged by 50%.
Ethereum average gas fee
The inscription craze has not only pushed up Ethereum’s gas fee, but also reignited discussions about network scalability. Buterin’s proposal to increase the gas limit is intended to increase the throughput and processing capacity of the Ethereum network to cope with the growing transaction demand, but it is also accompanied by an increase in hardware burden and potential network spam and attack risks.
The above is the detailed content of Ethereum founder Buterin suggested increasing the Gas limit by 33% to enhance network throughput capacity. For more information, please follow other related articles on the PHP Chinese website!